US Plains HRW Wheat-Spot basis bids steady to down as futures sink

CHICAGO, May 12 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were steady to lower in a spot check of facilities around the southern U.S. Plains on Monday as futures slumped and dealers in some locations said the trade had been quiet for weeks.

• CBOT July K.C. HRW wheat KWN25 futures fell for a fourth session in a row, with weak exports and favorable weather for crop development in the U.S. Plains.

• CBOT July wheat KWN25 settled 9-1/2 cents lower at $5.08 per bushel.

• Most active K.C. wheat KWv1 hit its lowest point since October, 2020, on a continuous chart.

• A facility in Enid, Oklahoma, lowered its basis by 10 cents.

• Rain in the south central U.S. Plains is expected to favor late-heading winter wheat in the coming weeks, according to forecaster Vaisala.

• An annual wheat crop tour is surveying wheat fields in top-producing state Kansas this week.

Basis values are quoted against futures in cts/bu:

NOTES:

H = March, K = May, N = July, U = September

Z = December; UNQ = Unquoted bids

0 = Sp Option price; NC = No comparison

* = No. 1 12% hard winter wheat, rail bids

** = Ordinary protein, rail bids

LINKS:

* K.C. HRW wheat protein scales KCBT/SCA

* U.S. weekly wheat crop progress US/WHE

* U.S. forward basis WHEAT/BASIS

* U.S. Midwest cash grain PM GRA/PM

* U.S. FOB Gulf Grain GRA/F